Business
Replace prepaid meters without charging consumers, FCCPC tells DisCos
Replace prepaid meters without charging consumers, FCCPC tells DisCos
THE Federal Competition and Consumer Protection Commission, FCCPC, yesterday, urged Electric Distribution Companies, DISCOs, to carry energy consumers along before classifying them into bands and adhere strictly to industry regulations on billing unmetered consumers.
FCCPC’s Executive Vice Chairman and Chief Executive Officer, Mr Tunji Bello said this at a stakeholders’ meeting at the FCCPC headquarters in Abuja.
Representatives of the Nigerian Electricity Regulatory Commission (NERC), the Nigerian Electricity Management Services Agency (NEMSA), various electricity distribution companies (DISCOs), and Unistar Hitech Systems Limited attended the meeting.
He urged them to address pressing metering issues impacting Nigerian consumers.
Citing noncompliance with NERC’s order, FCCPC directed Ikeja Electricity Distribution Company, IKEDC, and Eko Electricity Distribution Company, EKEDP, to immediately halt their replacement of Unistar prepaid meters.
His words: “From our analysis of consumer complaints, it is clear that electricity consumers routinely endure problems related to billing, metering, transformers, connections, disconnections, and customer service, among others.
“Regrettably, many of these challenges, from billing inaccuracies to inadequate customer care, are human-made. They stem from systemic inefficiencies and a troubling culture of impunity among certain service providers.
“The FCCPC Act (FCCPA) and current NERC regulations grant consumers rights, including rights to fair treatment and transparent billing.
“However, complaints reveal that consumers are often forced to pay upfront for meters without reimbursement, contrary to established guidelines under the NERC Meter Asset Provider and National Mass Metering Regulations 2021, which stipulate reimbursement through energy credits.
“Furthermore, customers with faulty meters are randomly placed on estimated billing by some DisCos, a practice that is prohibited by NERC.”
Bello said although Nigeria faces power shortages, it does not justify systemic abuses against consumers.
“Going forward, regulatory breaches in the industry will be met with immediate corrective action.
“DisCos have no excuse for failing to follow proper procedures, including reimbursement for meter purchases and ensuring faulty meters are promptly replaced.”
Also speaking, the Assistant Manager at NEMSA, Okeme Obiabo, said it is important the DisCos follow due process for meter replacement.
Obiabo said: “We’ve been addressing obsolete meters, and distribution companies must adhere to the procedures for replacing them. Meter testing and certification are essential, and DisCos are responsible for carrying out these replacements and ensuring that faulty meters are replaced promptly.”
On his part, head of consumer engagement at NERC, Zubair Babatunde reiterated the commission’s commitment to consumer protection, specifically regarding the replacement of obsolete meters.
Replace prepaid meters without charging consumers, FCCPC tells DisCos
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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